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On the banked curve the vertical component of N is NOT equal to mg. If it
implies that on the diagram then the diagram is not to scale or it suggests
something that is not correct. The vertical component of N on a banked curve
will be less than -mg because "some of mg" is used as the centripetal force.
In other words, just like mg causes a horizontal force on an inclined plane
(=mgsin(angle) for the force *along the plane*, part of this is
horizontal {too
many angles and forces to describe without sketches}) it will also cause a
horizontal force in the circular motion. Remember centripetal force in this
case *IS* the net force. The net force causes uniform circular motion and is
directed to the center of the circle (if we are using the "standard" earth as
the frame of reference).